Allahabad Bank raises lending rate by up to 10 bps

State-run Allahabad Bank today said it will raise benchmark lending rates by up to 10 basis points from May 1, a move that may increase the interest rates on existing as well as new home, auto and personal loans. As per the bank's regulatory filing, it has raised MCLR (marginal cost of fund-based lending rate) by 5 basis points (bps) for the tenors up to two years, except six months tenor.

The MCLR for one year tenor has been hiked to 8.3 per cent from 8.25 per cent and in case of two year the interest rate stands at 8.5 per cent. The Kolkata headquartered lender has also raised the MCLR by 10 bps for three year tenor, the bank's filing said. 

The Allahabad Bank scrip closed at Rs 49.15 a share, up 4.13 per cent, on BSE.